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| What are Kanigit miners doing? |
| Investing in more hardware / max shrubbation. |
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20% |
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| Bitcoin mining is getting stupid, I'm done widdit. |
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20% |
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| Will do some price speculation, but no mining. |
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0% |
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| Huh? Biting coins hurts my toofsez! |
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20% |
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| Meh. Mine a lil bit longer and see what I unearth. |
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40% |
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| Total Votes : 5 |
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LanDroid
Prince
Joined: 11 Jun 2002
Posts: 4476
Location: Cincinnati, OH U.S.
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 Posted: Sat Jul 09, 2016 11:29 am Post subject: Bitcoin |
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| Quote: | Bitcoin 'miners' face fight for survival as new supply halves
Marco Streng is a miner, though he does not carry a pick around his base in south-western Iceland. Instead, he keeps tens of thousands of computers running 24 hours a day in fierce competition with others across the globe to earn bitcoins. 
...But on Saturday, the reward for miners was slashed in half. Written into bitcoin's code when it was invented in 2008 was a rule dictating that the prize would be halved every four years, in a step designed to keep a lid on bitcoin inflation. From around 1700 GMT on Saturday (7/9/16), instead of 25 bitcoins up for grabs globally every 10 minutes, worth around $16,000 at the current rate, there will be just 12.5. That means only the mining companies with the leanest operations will survive the ensuing profit hit.
7/9/16
http://www.cnbc.com/2016/07/09/bitcoin-miners-face-fight-for-survival-as-new-supply-halves.html |
This sounds like the death of bitcoin mining except for, as stated above, "the leanest operations." Wonder what this does to the Boinc project? Also wonder what this reduced supply + reduced crunching as miners drop out does to bitcoin pricing: up, down, or "stable/less volatile"?
http://bitcoincharts.com/charts/bitstampUSD#rg90ztgCzm1g10za2gSMAzm2g25 |
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JumpinJohnny
Prince
Joined: 28 Mar 2013
Posts: 1247
Location: Western New Hamster
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| Posted: Sun Jul 10, 2016 12:46 am Post subject: |
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Bitcoin mining for profit has been a "fools game" for a few years now. Only a stupendous amount of high end gear burning up lots of electricity can even come close to turning a profit.
I have high electric costs and can't afford the really good ASIC's machines. For me, the bitcoin mining has been only for charity via Bitcoin Utopia. I understood the downsides going in. I burn up equipment faster than I can afford it even though what I'm running is a cheap Bitmain U3. They seem to go bad in just a few months, even with extra fans blowing on them, etc.
I wanted to keep two of them running through the calender year but don't have a good one left. I have one that is 1/4 bad and another that is 3/4 bad.
(too many hardware errors when an ASIC chip blows).
The only people making money bitcoin mining are the companies that are manufacturing their own machines and running them in dedicated rooms where there is cheap electricity.
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LanDroid
Prince
Joined: 11 Jun 2002
Posts: 4476
Location: Cincinnati, OH U.S.
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| Posted: Tue Aug 09, 2016 12:05 am Post subject: |
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| Quote: | Theft And Mayhem In The Bitcoin World
...A major Bitcoin exchange, Bitfinex, was hacked and nearly 120,000 BTC (around $60m) was stolen. The price of Bitcoin promptly crashed, and Bitfinex was forced to suspend trading.
"After much thought, analysis, and consultation, we have arrived at the conclusion that losses must be generalized across all accounts and assets. This is the closest approximation to what would happen in a liquidation context. Upon logging into the platform, customers will see that they have experienced a generalized loss percentage of 36.067%. In a later announcement we will explain in full detail the methodology used to compute these losses."
8/6/16
http://www.forbes.com/sites/francescoppola/2016/08/06/theft-and-mayhem-in-the-bitcoin-world/#275c802251ae |
Youch! Look at the nasty market price drop below. Will Bitcoin ever mature?
https://bitcoincharts.com/charts/bitstampUSD#rg90ztgCzm1g10za2gSMAzm2g25 |
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PhastPhred
Prince
Joined: 22 Mar 2006
Posts: 6017
Location: Northwest AR (USA)
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| Posted: Fri Aug 12, 2016 7:53 pm Post subject: |
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I haff stopped altogether - All-told, I think my total would be around 3/4 of one BitCoin - This is a wild guess of three or four Online Accounts, a couple Websites, and a Wallet or two laying around who knows where - Maybe somebody will find one at a Goodwill Box or something - I'm done - No Mining, No Buying, No Selling, Nothing to do with it a-tall - Anybody want a half-dozen U3s? (And over a dozen li'l ones, the 'Erupters)
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Sir Cracked of the Mind
Guest
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| Posted: Mon Aug 15, 2016 9:13 am Post subject: |
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All that time, money, lecky, and heat!
Better investment to get the computers to hack the bit bank...  |
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JumpinJohnny
Prince
Joined: 28 Mar 2013
Posts: 1247
Location: Western New Hamster
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| Posted: Wed Nov 09, 2016 5:26 pm Post subject: |
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OK - well, once I get 25 billion credits I will stop completely.
1. The little U3 Bitmain miners I've been buying don't last but a few months and now they are not even available for replacement.
2. I can no longer pay my electric bill. (I cut off my cable tv 2 years ago and only have cable internet.)
3. Lack of interest and support from KWSN for this program has dwindled to only a few.
4. There seems to be a major upheaval happening to the program. I hope they can work it out but I'm no longer very positive about the outcome.
I hope my dying U3 will last long enough to get my goal. That is also very uncertain as it is now reporting hardware failure in the thousands.
So long and thanks for all the fish.
EDIT: 12/03/16
1. So now I've reached my 25 billion goal and the little U3 is still alive.
2. In an attempt to go broke and die a puaper, I am still paying my electric bill.
3. Even though KWSN interest has dwindled for this project, I see many projects with only a very few "active" KWSN.
4. It is looking more likely that BU will continue to provide needed funds for BOINC projects in the future.
My single U3 "fixed itself". No more hardware errors and I was guided to help resolving windoz pop-up issues.
Carry on, As you were, Nothing to see here.
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LanDroid
Prince
Joined: 11 Jun 2002
Posts: 4476
Location: Cincinnati, OH U.S.
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JumpinJohnny
Prince
Joined: 28 Mar 2013
Posts: 1247
Location: Western New Hamster
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| Posted: Thu Jan 05, 2017 12:26 pm Post subject: |
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As you noted in your original post, the difficulty of creating a Block doubled last year.
The difficulty, (amount of work) needed creating the Block is a planned "stabilizer" for the crypto currency.
The price moves independently of the difficulty as a function of supply and demand economics.
Because the difficulty of Block creation is so high, it is quite useless to do mining with CPU or even GPU.
Only ASICs chips can do the high speed, single purpose work required for bitcoin mining.
Bitcoin Utopia has discontinued all CPU and GPU work for new projects. ASICs work only.
The funding project for Milkyway@Home has finished and paid.
At the moment there is only a funding project for FreeDC going and a funding project for SETI@Home in the works.
From time to time money is required to maintain the BU project and they have a self funding mechanism.
As with most all Distributive Computing projects, payout is only a small part of the cost of equipment and power.
If you are willing to run ASIC based miners not using their own software, I suggest getting something that can mine 20+GH/sec. or more. (333MH/s minimum)
For Bitcoin Utopia, only one type of miner (any number) can be run by each computer.
Some miners require extra power supplies and cooling.
Happy mining and carry a big pick-axe.
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sir spuddly buddly
Prince
Joined: 27 Nov 2004
Posts: 1048
Location: here, I think.
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| Posted: Thu Jan 05, 2017 6:36 pm Post subject: |
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Never done it - seemed like a scam from day uno ... 
_________________
a monster can be excused for his behaviour . . . The problem is not how a monster could do it, but how a human being did it.
Scaring 11 year olds since 2005
"There is only one path to Ni!-dom - through the shubbery"
Click every day at http://naturarvet.se/en/ to save a forest! |
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JumpinJohnny
Prince
Joined: 28 Mar 2013
Posts: 1247
Location: Western New Hamster
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| Posted: Sat Jan 07, 2017 12:20 pm Post subject: So long and thanks for all the fish... |
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"Scam" or not , SETI@Home was able to purchase new drives from a contribution by Bitcoin Utopia's last campaign for them.
I'm all for helping out any DC related project stay in business by providing needed funding for equipment costs, etc.
As of today a new Campaign (#5) has been Re-opened for SETI that will run through April for anyone who has ASICs equipment to help out.
So now there are two Campaigns in BU.
One to provide funds for SETI and another to provide needed funds to FreeDC.
Edit: Jan 15th 2017 - My miners have all "gone south". I'm not buying any more and can't afford to run them.
For anyone who has the cash to purchase the Bitmain S3-S6 (or equivalent ASICs miners), and run the power supply for them; can contribute to the Bitcoin Utopia campaigns to help fund Distributive Computing Projects and DC related websites and servers.
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LanDroid
Prince
Joined: 11 Jun 2002
Posts: 4476
Location: Cincinnati, OH U.S.
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PhastPhred
Prince
Joined: 22 Mar 2006
Posts: 6017
Location: Northwest AR (USA)
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| Posted: Sat Jul 01, 2017 5:00 pm Post subject: |
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Headed for Bear Territory, it being under $2,500
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LanDroid
Prince
Joined: 11 Jun 2002
Posts: 4476
Location: Cincinnati, OH U.S.
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| Posted: Sun Jul 09, 2017 1:48 pm Post subject: |
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| Quote: | Bitcoin's Price Surge is Making Hobby Mining Profitable Again
Roque Solis never imagined the bitcoin mining equipment he bought in February would have already paid for itself. And on top of that, made him money.
Solis is the president of SoliSYSTEMS Corp, a company that developed an EMV smart card for electronic benefit transfer for the federal assistance program, Women, Infants, and Children (WIC). While attending several conferences last year, Solis was unable to ignore bitcoin. So, he decided to experiment with the technology via mining to get a better handle on whether the technology could be used within his company.
Solis bought a Bitmain Antminer S9 on eBay for $2,400. As of this weekend, Solis has mined 1.01 BTC, worth a little more than $2,584 in his bitcoin wallet.
7/9/17
http://www.coindesk.com/bitcoins-price-surge-is-making-hobby-mining-profitable-again/ |
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LanDroid
Prince
Joined: 11 Jun 2002
Posts: 4476
Location: Cincinnati, OH U.S.
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LanDroid
Prince
Joined: 11 Jun 2002
Posts: 4476
Location: Cincinnati, OH U.S.
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Sir Cracked of the Mind
Guest
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| Posted: Wed Nov 08, 2017 3:29 am Post subject: |
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Insane!!!
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Clark
Prince
Joined: 07 Mar 2006
Posts: 1448
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| Posted: Wed Nov 08, 2017 10:02 am Post subject: |
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It would be so much more environmentally friendly if we traded in mud.
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LanDroid
Prince
Joined: 11 Jun 2002
Posts: 4476
Location: Cincinnati, OH U.S.
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| Posted: Wed Dec 13, 2017 6:00 pm Post subject: |
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Current price: $16,529.45
OK so is mining worth pursuing now? What sort of hardware would you recommend for say $250. - $750. ? About how much would that pay? |
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PhastPhred
Prince
Joined: 22 Mar 2006
Posts: 6017
Location: Northwest AR (USA)
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| Posted: Fri Dec 22, 2017 9:46 pm Post subject: |
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| PhastPhred wrote: | | Headed for Bear Territory, it being under $2,500 |
Ummm, I may have been a bit premature of the BTC Death...
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Sandro
Squire
Joined: 18 Jan 2018
Posts: 5
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| Posted: Fri Jan 19, 2018 7:56 am Post subject: |
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| Hi guys. How do you think it is not too late to invest in bitcoins? On the Internet, everyone writes that the price of bitcoin will grow. Do you also think so? What is the best way to buy bitcoins? Here I read that there are so many ways. What is the most convenient and simple? |
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